TRX Gold advances mill expansion to increase gold production - Global Mining Review

AI desk brief

TRX Gold said preparatory work is underway for its Buckreef mill expansion, with the new ball mill on site and commercial production targeted for the second half of fiscal 2024. The project would lift processing capacity from 1,000 tpd to 2,000 tpd and is expected to push annual gold production above fiscal 2023 guidance of 20,000-25,000 oz.

Management said the expansion is budgeted at about US$6 million and is fully funded via cash resources, operating cash flow, ore stockpiles, gold forward sales and bank financing. The company is in advanced talks with Tanzanian banks for operating and term loan facilities, and says updated production guidance will be issued as the expansion nears commercial operation.